US-based digital goods micro-transaction and payment solutions provider PlaySpan has secured new funding to enable it to expand into Europe and Asia.
The company has received US$16.8m in series B investment from Easton Capital Group, Menlo Ventures, Novel TMT Ventures, STIC and other undisclosed investors. As a result, it now has a total of $24m to fund its efforts to grow its global publisher and user-base.
"Online games publishers and social media application developers are looking for new sources of revenue beyond traditional advertising and subscriptions," said Karl Mehta, founder and chief executive officer of PlaySpan. "We are enabling a new business model in the form of micro-transactions for users that prefer the pay-as-you-go model.
"It is a testament to our market-leading position, demonstrated growth, and the long-term potential of virtual goods and micro-transactions that we have raised a significant round in spite of the current economic climate."
According to PlaySpan, the pay-as-you-go model is expected to experience significant growth in the future as it gives consumers more control and offers publishers expanded revenue opportunities.
